Advertiser Disclosure

Capital One Platinum Secured Credit Card Review

Barret WilliamsJanuary 3, 2022

We receive compensation from advertisers, however, all opinions and analysis on this page are independent of payment considerations. Learn more about how we review products and learn about how we work with partners in our advertiser disclosure.

 

Capital One Platinum Secured Card
Capital One Platinum Secured Credit Card

4.8 / 5 Stars

Best Security Deposit
- 4.8 / 5 Stars - Best Security Deposit

Depending on your credit profile, you may be able to secure a $200 line of credit with as little as $49 down as a security deposit. You may also be considered for a higher credit line in as little as six months.

Apply Now
at Capital One's Website

  • APR: 26.99% variable
  • Annual Fee: $0
  • Welcome Bonus: None
  • Recommended Credit: Rebuilding
  • No annual fee
  • In as little as 6 months, you could be automatically considered for a higher credit line
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
  • Get access to your account 24 hours a day, 7 days a week
  • Help build your credit through responsible use of a card that reports to all three major credit bureaus

This card isn't fancy, but it's effective at what it does. Recently named a top bank for customer service, Capital One is looking to build a relationship with new customers using the Capital One Platinum Credit Card.  While the card doesn't have an annual fee, you'll want to be sure to pay your balance off in full each month or your interest charges will quickly outpace your payments thanks to the high APR. 

Read our Platinum Secured Credit Card Review.




Capital One Company Overview

Many people may know Capital One as the Samuel L. Jackson credit card company (or the Jennifer Garner credit card company), but there's much more to the nearly 30-year-old bank.

Capital One planted its roots as a credit card company, specializing in lending to average American consumers, in 1994. Since then, it has grown the business to expand into all product lines we have grown to expect as consumers: banking, auto loans and investing.

What this all means for those looking to build their credit with a secured credit card could potentially benefit from building a relationship with one of America's most well-rounded financial companies. 

[Back to Top]

Capital One Platinum Secured Credit Card Information

The Capital One Platinum Secured Credit Card is a decent product for what it is meant to do - help those on their path towards building a stronger credit profile. Let's take a look at the pros and cons:

This card has two main pitfalls. First, the card has a relatively high APR. At over 25% APR, carrying debt on this card could be detrimental for anyone that is still trying to figure out responsible money management. Some cards, such as the OpenSky Secured Credit Card, offer significantly lower APRs. The second drawback is the lack of rewards. Products like the Petal 1 Visa offer those that are building credit at least some rewards. 

On the positive side, Capital One will start reviewing new accounts for an increased credit line in as little as 6 months. The amount of credit available on a credit report can account for up to 30% of a credit score.

How Does the Security Deposit Work?

If you decide to open a secured account, Capital One will request a minimum security deposit of either $49, $99 or $200 depending on your credit score. This will provide you with a credit line of $200 to start. This deposit is refundable as long as your account is in good standing at the time of account closure. 

[Back to Top]

What Credit Score is Needed to Get the Capital Once Platinum Secured Credit Card?

Credit score is always top of mind when people apply for a new credit card, but it's not all the banks look at. A bank will also consider an applicant's ability to pay back debt, and any existing relationships with other banks. It's also important to remember that not all credit scores are created equally. The credit score used by popular monitoring sites like Credit Karma may not be used by the banks. There's no one magic score to get approved for a new card.

Capital One doesn't want consumers to blindly apply for credit cards, though. They recommend this product for those that are rebuilding their credit, which is defined as someone that has defaulted on more than one loan in the last five years.

Can I Get Prequalified for the Capital One Platinum Secured Credit Card?

Too many people overlook this essential feature offered by many banks. Those interested in this card can go through the preapproval process on Capital One's website. Preapproval is often the best way to see if you may be eligible for an offer. This is because the bank will conduct what is known as a soft inquiry. Soft inquiries allow a bank to review your personal information without impacting your credit score.

By submitting a prequalification request, your information will be reviewed to determine if you are a good match for a Capital One offer. If you're prequalified, you'll be able to review the offer or offers you may receive and submit an application at that time. If you decide to submit an application, a hard credit inquiry will be conducted. If you don't want to move forward with an offer, then no damage is done to your credit score via a hard credit pull.

Remember, being prequalified doesn't mean you'll be approved for an offer. It's an indicator that you're a good fit, but the issuer hasn't reviewed your full credit profile at this point. Once you apply, the issuer will conduct a full review and make a determination on your application. 

[Back to Top]

Capital One Secured Platinum Credit Card Reviews

Capital One Secured Platinum Credit Card Reddit Reviews

The Reddit community is overwhelmingly positive for both this card and Capital One. The mobile app earns top marks in aggregate user comments. Many users also report a positive experience from Capital One's graduation program.

Capital One Secured Platinum Credit Card BBB Reviews

Unfortunately, the view is not as rosy when you head to the BBB. Many consumers have complaints about going to collection or having banking accounts frozen. A bulk of the negative reviews we sifted through relate to having negative account balances. It's important to remember that this is a credit building tool, and not a debt solution. Running debt up on this card and not paying your bill on time, will result in more negative marks on your credit profile. 

Conclusion

The consumer reviews for Capital One as a whole are overwhelmingly positive. In fact, they just ranked the best bank for customer satisfaction. The product is missing some popular features, like rewards earning and low APRs. However, it offers a potentially low security deposit and the ability to receive a credit line increase in as little as 6 months. 

[Back to Top]


Compare the Capital One Platinum Secured Credit Card



OpenSky Secured Visa Credit Card

OpenSky® Secured Visa® Credit Card

- 4.9 / 5 Stars

Best Secured Card with No Hard Credit Check
  • APR: 17.39% variable
  • Annual Fee: $35
  • Welcome Bonus: None
  • Recommended Credit Score: None



Capital One Platinum Secured Card

Capital One Platinum Secured Credit Card

- 4.8 / 5 Stars

Best Security Deposit
  • APR: 26.99% variable
  • Annual Fee: $0
  • Welcome Bonus: None
  • Recommended Credit: Rebuilding



Petal 1 Credit Card Image

Petal 1 Visa Card

- 5 / 5 Stars

Best Unsecured Card for Building Credit
  • APR:  19.99% - 29.49% Variable APR
  • Annual Fee: $0
  • Welcome Bonus: None
  • Recommended Credit: Poor - Fair






FAQs

What is the Capital One Platinum Secured Credit Cards Security Deposit

The security deposit required to open an account is either $49, $99 or $200 depending on your credit score. This minimum security deposit will get approved applicants a credit line of $200.

Does Capital One Return Security Deposits?

Yes. Capital One will begin reviewing your account for an upgrade to an unsecured card. If you're eligible, your security deposit will be returned and your account will be converted to an unsecured product. In the event that you close your account before your security deposit is returned, Capital One will return the deposit, minus any outstanding balance on your account. 


[Back to Top]



Advertiser Disclosure

We partner with financial institutions, lenders, and other advertisers to better provide you with the most up-to-date product information that can help you make the important decisions in your life, but our content is not financial advice. Your personal situation is unique to you.  We never allow our advertisers to influence our opinions, analysis or influence our star rankings.

Your trust in our process is essential, and we strive to maintain transparency when it comes to our advertiser partners. You can find a list of our current partners in our advertiser disclosure

 

© 2021 The Penny Jar
Best OverallBest Dog InsuranceBest Cat InsuranceBad CreditFirst CardRebuild CreditSecured CardsStudent CardsEmbraceLemonadePetInsuranceQuotes.comPets BestWagmoOpenSky® Secured Visa® Credit CardPetal 1 Visa Credit CardCapital One Platinum Secured Credit CardChime Credit Builder Secured CardQuicksilver Secured Rewards from Capital OneSelf Secured VisaQuicksilver Rewards for StudentsSavorOne Rewards for StudentsDeserve EDU Mastercard for StudentsChase Freedom Student